TNK-BP bids for Poland’s Grupa Lotos

Anglo-Russian oil and gas joint-venture TNK-BP said it has submitted a non-binding bid for the refining group Grupa Lotos, Poland’s second largest oil refinery. Three other bidders have been confirmed by the Polish Treasury as well. Although they remain anonymous, the most likely candidates are said to be Gazprom Neft, MOL and LUKoil. Grupa Lotos is being privatized, as part of a broader policy to reduce state ownership in the energy sector and reduce national debt. The Polish Treasury has estimated the value of its 53.4% stake in Grupa Lotos at €508.6 million (US$732.3 million). (June 17,2011)